Replimune Group Financials

REPL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE March

Financial Health Signals

Piotroski F-Score Weak

2/9

Replimune Group passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.78x

For every $1 of reported earnings, Replimune Group generates $0.78 in operating cash flow (-$192.3M OCF vs -$247.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-45.3x

Replimune Group earns $-45.3 in operating income for every $1 of interest expense (-$261.6M vs $5.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Replimune Group (REPL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$258.1M

YoY-11.2%

Replimune Group's EBITDA was -$258.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.2% from the prior year.

Free Cash Flow

-$198.9M

YoY-4.1%

Replimune Group generated -$198.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 4.1% from the prior year.

Net Income

-$247.3M

YoY-14.6%

Replimune Group reported -$247.3M in net income in fiscal year 2025. This represents a decrease of 14.6% from the prior year.

EPS (Diluted)

$-3.07

YoY+5.2%

Replimune Group earned $-3.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.2% from the prior year.

Cash & Debt

$111.1M

YoY+49.2%

5Y CAGR+13.3%

Replimune Group held $111.1M in cash against $46.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

77M

YoY+25.5%

5Y CAGR+16.0%

Replimune Group had 77M shares outstanding in fiscal year 2025. This represents an increase of 25.5% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$189.4M

YoY+8.3%

5Y CAGR+37.3%

Replimune Group invested $189.4M in research and development in fiscal year 2025. This represents an increase of 8.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$6.7M

YoY+18.1%

5Y CAGR+0.4%

Replimune Group invested $6.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 18.1% from the prior year.

REPL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$189.4M+8.3%	$175.0M+38.3%	$126.5M+59.1%	$79.5M+40.2%	$56.8M+46.4%	$38.8M
SG&A Expenses	$72.2M+20.7%	$59.8M+18.3%	$50.6M+30.4%	$38.8M+67.1%	$23.2M+33.1%	$17.4M
Operating Income	-$261.6M-11.4%	-$234.8M-32.6%	-$177.1M-49.7%	-$118.3M-48.0%	-$80.0M-42.3%	-$56.2M
Interest Expense	$5.8M+28.4%	$4.5M+129.1%	$2.0M	$0-100.0%	$818K+11.4%	$734K
Income Tax	$468K+14.7%	$408K+41.7%	$288K	$0	$0	$0
Net Income	-$247.3M-14.6%	-$215.8M-23.8%	-$174.3M-47.7%	-$118.0M-46.0%	-$80.9M-53.7%	-$52.6M
EPS (Diluted)	$-3.07+5.2%	$-3.24-8.4%	$-2.99-32.3%	$-2.26-29.1%	$-1.75	N/A

Metric	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22	Q3'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$53.1M+10.7%	$48.0M	N/A	$42.8M	N/A	$30.3M	N/A	$19.4M
SG&A Expenses	$18.7M+4.0%	$18.0M	N/A	$13.7M	N/A	$11.4M	N/A	$10.3M
Operating Income	-$71.9M-8.9%	-$66.0M	N/A	-$56.5M	N/A	-$41.6M	N/A	-$29.7M
Interest Expense	$1.5M+1.1%	$1.4M	N/A	$1.0M	N/A	$941K	N/A	$0
Income Tax	-$311K-154.1%	$575K	N/A	$473K	N/A	$0	N/A	N/A
Net Income	-$70.9M-6.9%	-$66.3M	N/A	-$51.1M	N/A	-$39.7M	N/A	-$29.7M
EPS (Diluted)	$-0.77+2.5%	$-0.79	N/A	$-0.77	N/A	$-0.69	N/A	$-0.57

REPL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$551.3M+13.0%	$487.7M-24.6%	$646.6M+40.2%	$461.2M-15.1%	$543.1M+132.0%	$234.1M
Current Assets	$495.9M+14.3%	$433.7M-26.8%	$592.6M+46.7%	$404.0M-16.5%	$483.7M+177.6%	$174.3M
Cash & Equivalents	$111.1M+49.2%	$74.5M-49.2%	$146.6M+38.4%	$105.9M-42.0%	$182.5M+206.8%	$59.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$135.5M+19.7%	$113.2M+24.0%	$91.3M+82.7%	$50.0M+12.6%	$44.4M-11.9%	$50.4M
Current Liabilities	$62.4M+54.2%	$40.4M+19.6%	$33.8M+63.0%	$20.8M+42.7%	$14.5M+22.5%	$11.9M
Long-Term Debt	$46.4M+3.5%	$44.8M+56.4%	$28.6M	$0	N/A	$9.8M
Total Equity	$415.8M+11.0%	$374.5M-32.6%	$555.3M+35.0%	$411.2M-17.5%	$498.7M+171.5%	$183.7M
Retained Earnings	-$948.6M-35.3%	-$701.3M-44.4%	-$485.5M-56.0%	-$311.2M-61.1%	-$193.2M-72.0%	-$112.3M

Metric	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22	Q3'21
Total Assets	$333.6M-44.7%	$603.6M+23.8%	$487.7M-8.5%	$532.9M-17.6%	$646.6M-4.7%	$678.5M+47.1%	$461.2M-5.0%	$485.3M
Current Assets	$280.4M-48.8%	$547.6M+26.3%	$433.7M-9.5%	$479.2M-19.1%	$592.6M-5.0%	$624.0M+54.5%	$404.0M-5.6%	$427.8M
Cash & Equivalents	$123.0M-28.6%	$172.2M+131.3%	$74.5M-23.8%	$97.7M-33.4%	$146.6M-29.1%	$206.7M+95.1%	$105.9M-19.9%	$132.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$123.1M+1.5%	$121.3M+7.1%	$113.2M+1.6%	$111.4M+22.0%	$91.3M+9.7%	$83.2M+66.5%	$50.0M+4.6%	$47.8M
Current Liabilities	$50.1M+4.6%	$47.9M+18.4%	$40.4M+4.6%	$38.6M+14.3%	$33.8M+27.8%	$26.5M+27.5%	$20.8M+13.5%	$18.3M
Long-Term Debt	$47.6M+3.6%	$46.0M+2.6%	$44.8M+0.8%	$44.4M+55.1%	$28.6M+0.9%	$28.4M	$0	N/A
Total Equity	$210.5M-56.4%	$482.4M+28.8%	$374.5M-11.2%	$421.5M-24.1%	$555.3M-6.7%	$595.3M+44.8%	$411.2M-6.0%	$437.5M
Retained Earnings	-$1.2B-36.0%	-$874.4M-24.7%	-$701.3M-8.5%	-$646.2M-33.1%	-$485.5M-11.3%	-$436.2M-40.2%	-$311.2M-11.3%	-$279.5M

REPL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$192.3M-3.7%	-$185.5M-44.8%	-$128.1M-55.8%	-$82.2M-33.9%	-$61.4M-1.4%	-$60.6M
Capital Expenditures	$6.7M+18.1%	$5.7M+149.4%	$2.3M-2.8%	$2.3M-2.3%	$2.4M-63.4%	$6.5M
Free Cash Flow	-$198.9M-4.1%	-$191.1M-46.7%	-$130.3M-54.2%	-$84.5M-32.5%	-$63.8M+4.9%	-$67.1M
Investing Cash Flow	-$23.8M-124.5%	$97.2M+168.2%	-$142.5M-7790.5%	-$1.8M+99.0%	-$188.8M-3507.4%	-$5.2M
Financing Cash Flow	$252.4M+1450.1%	$16.3M-94.8%	$311.3M+4618.1%	$6.6M-98.2%	$372.5M+271.8%	$100.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22	Q3'21
Operating Cash Flow	-$66.0M-30.1%	-$50.7M-9.8%	-$46.2M+2.0%	-$47.1M-43.7%	-$32.8M-14.7%	-$28.6M-26.7%	-$22.6M-22.9%	-$18.3M
Capital Expenditures	$135K-92.5%	$1.8M+3.4%	$1.7M+1.2%	$1.7M+584.9%	$251K-54.8%	$555K-51.8%	$1.2M+147.7%	$465K
Free Cash Flow	-$66.1M-25.9%	-$52.5M-9.6%	-$47.9M+1.9%	-$48.8M-47.8%	-$33.0M-13.4%	-$29.1M-22.9%	-$23.7M-26.0%	-$18.8M
Investing Cash Flow	$75.1M+262.2%	-$46.3M-299.6%	$23.2M-57.0%	$54.0M+337.1%	-$22.8M+81.8%	-$125.1M-2791.8%	-$4.3M+67.8%	-$13.4M
Financing Cash Flow	$10.5M-93.3%	$155.9M+120046.2%	-$130K-100.9%	$14.9M+19411.7%	-$77K-100.0%	$271.4M+75508.6%	$359K-91.0%	$4.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

REPL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-44.9%-0.6pp	-44.3%-17.3pp	-27.0%-1.4pp	-25.6%-10.7pp	-14.9%+7.6pp	-22.5%
Current Ratio	7.95-2.8	10.72-6.8	17.52-1.9	19.46-13.8	33.25+18.6	14.68
Debt-to-Equity	0.110.0	0.12+0.1	0.05+0.1	0.00-0.1	0.09+0.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22	Q3'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-21.3%-10.3pp	-11.0%	N/A	-9.6%	N/A	-5.9%	N/A	-6.1%
Current Ratio	5.60-5.8	11.43+0.7	10.72-1.7	12.40-5.1	17.52-6.1	23.58+4.1	19.46-3.9	23.39
Debt-to-Equity	0.23+0.1	0.10-0.0	0.12+0.0	0.11+0.1	0.050.0	0.05+0.0	0.00-0.1	0.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Replimune Group profitable?

No, Replimune Group (REPL) reported a net income of -$247.3M in fiscal year 2025.

What is Replimune Group's earnings per share (EPS)?

Replimune Group (REPL) reported diluted earnings per share of $-3.07 for fiscal year 2025. This represents a 5.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Replimune Group's EBITDA?

Replimune Group (REPL) had EBITDA of -$258.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Replimune Group have?

As of fiscal year 2025, Replimune Group (REPL) had $111.1M in cash and equivalents against $46.4M in long-term debt.

What is Replimune Group's free cash flow?

Replimune Group (REPL) generated -$198.9M in free cash flow during fiscal year 2025. This represents a -4.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Replimune Group's operating cash flow?

Replimune Group (REPL) generated -$192.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Replimune Group's total assets?

Replimune Group (REPL) had $551.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Replimune Group's capital expenditures?

Replimune Group (REPL) invested $6.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Replimune Group spend on research and development?

Replimune Group (REPL) invested $189.4M in research and development during fiscal year 2025.

How many shares does Replimune Group have outstanding?

Replimune Group (REPL) had 77M shares outstanding as of fiscal year 2025.

What is Replimune Group's current ratio?

Replimune Group (REPL) had a current ratio of 7.95 as of fiscal year 2025, which is generally considered healthy.

What is Replimune Group's debt-to-equity ratio?

Replimune Group (REPL) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Replimune Group's return on assets (ROA)?

Replimune Group (REPL) had a return on assets of -44.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Replimune Group's cash runway?

Based on fiscal year 2025 data, Replimune Group (REPL) had $111.1M in cash against an annual operating cash burn of $192.3M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Replimune Group's Piotroski F-Score?

Replimune Group (REPL) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Replimune Group's earnings high quality?

Replimune Group (REPL) has an earnings quality ratio of 0.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Replimune Group cover its interest payments?

Replimune Group (REPL) has an interest coverage ratio of -45.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.